Saturday, October 9, 2010

ABU Dhabi's Mubadala Development Co's entry into an agreement with 1Malaysia Development Bhd (1MDB) yesterday to participate in developing a multi-billion-ringgit commercial project in Kuala Lumpur came some four months after the announcement on the collaboration was earlier planned.

Mubadala yesterday said it is ready to participate in building the RM26 billion Kuala Lumpur International Financial District (KLIFD), an area designed to house all players in the financial sector.

The development will take place on a 34.4ha site near Jalan Tun Razak in Kuala Lumpur, popularly known as Dataran Perdana.

The collaboration was first scheduled to be announced at an event on May 29 this year, with the attendance of General Sheikh Mohammed Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Deputy Supreme Commander of the United Arab Emirates Armed Forces.

However, on May 27, invited guests were notified that the event had been postponed. No reasons were given. But checks with the Kuala Lumpur Land and Mines office indicate that a tussle may have occured over the Dataran Perdana land.

One of titles on the land states that Pelaburan Hartanah Bhd (PHB) (previously Pelaburan Hartanah Bumiputera Bhd) had placed a caveat on the land on May 7 2010, just 22 days prior to the event.

PHB, set up following the tabling of the 2006 Budget, was said as being in the process of buying several prime properties, including Dataran Perdana. It was to issue capital market instruments, such as real estate investment trusts, in future to provide investment opportunities for Bumiputera investors.

PHB, however, withdrew the caveat on September 20 2010, and on Monday, 1MDB itself placed a caveat on the land, indicating that it had been handed over to it for development of the KLIFD project.

Valuers have put a price tag of RM400 to RM600 per sq ft for land around the area, putting commercial value of Dataran Perdana at between RM1.5 billion and RM2.2 billion.

It was not clear whether PHB had paid for the land and Business Times has also not been able to establish if 1MDB has made any payment for the same property.

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